Zinc Price Decline of 0.53% to US$3,910.35 a Tonne on 22 September 2026, While Peru and Brazil Miners Nexa and Buenaventura Rose
Key Facts
- —The country. Peru has 34.9 million people and has been led by President Keiko Fujimori since 28 July 2026, the first woman elected to the office.
- —The money. The currency is the sol, about 3.37 to the US dollar. Copper, gold and zinc exports pay for much of what the country earns abroad.
- —The background. Zinc coats steel so it does not rust. Its benchmark price is the London Metal Exchange three-month contract, agreed today for delivery in three months.
- —What happened. On Tuesday 22 September 2026 that contract fell 0.53% to US$3,910.35 a tonne, because galvanising plants that coat steel were buying less metal.
- —The odd part. The miners went the other way. Nexa Resources rose 3.34% to US$13.29 in New York, and Buenaventura gained 3.30% to US$34.70.
- —What it means. If you hold regional mining shares, one day of metal prices does not decide them. Nexa is the most direct zinc holding; Buenaventura mixes in gold, silver and copper.
- —The catch. London warehouse stocks fell 1.82% to 114,725 tonnes, which limits the downside. Whether zinc holds above US$3,900 a tonne depends on Chinese construction demand.
Today’s Focus
A modest zinc price decline ended a run of strength on Tuesday 22 September 2026. The London Metal Exchange three-month contract fell 0.53% to US$3,910.35 a tonne.
Softer buying from galvanising plants did the damage. Orders had improved at some works, yet operating rates still trailed last year.
Latin American miners went the other way. Nexa Resources rose 3.34% to US$13.29 and Buenaventura gained 3.30% to US$34.70.
Investors are now watching Chinese construction. Weak property starts there keep a lid on galvanised steel orders.
What matters today. The pullback was mild while London stocks kept falling, and the region’s listed miners rose anyway.
01 The session in one read
The zinc price decline was small. The three-month contract settled at US$3,910.35 a tonne on Tuesday 22 September 2026, down 0.53%.
Galvanising is the metal’s largest single use. Plants dip steel in molten zinc so it does not rust.
That business is still running cool, and the metal gave back part of a recent advance. Latin American producer shares moved the other way.
The 0.53% slip is a pullback, not a reversal. The market is still waiting for a sustained construction recovery.
Galvanising plants report better orders. Operating rates, however, remain below last year’s levels.
Exchange stocks are thinning at the same time. London Metal Exchange zinc inventories stood at 114,725 tonnes on 21 September 2026, according to Shanghai Metals Market.
That was 2,125 tonnes lower on the day, a fall of 1.82%. The variable to watch is whether zinc holds above US$3,900 a tonne.
02 The board
Nexa Resources is the region’s most direct zinc play. It runs mines and smelters in Brazil and Peru.
Its shares rose 3.34% to US$13.29 on the New York Stock Exchange. That reversed a decline in the previous session.
Compañía de Minas Buenaventura is a diversified Peruvian miner. It produces zinc alongside gold, silver and copper.
Buenaventura shares climbed 3.30% to US$34.70. Both moves outpaced the small decline in the metal itself.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$13.29 | +3.34% |
| Buenaventura | US$34.70 | +3.30% |
Source: NYSE closing prices via RT. Zinc is the London Metal Exchange three-month contract. Trade date: Tuesday 22 September 2026.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 185,814.09 | -0.86% | +21.85% | 187,422.92 | 168,310 | 167,142 | — |
| IPSA | 11,449.60 | +0.20% | — | 11,426.75 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,317.86 | -0.22% | +12.17% | 64,456.59 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,969,545 | -0.94% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,612.48 | +0.92% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,625.42 | -1.56% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
Zinc’s main job is to protect steel from corrosion. That makes galvanised steel the metal’s biggest demand channel.
Industry reporting showed orders improving at some galvanising plants. Overall demand stayed weak, with operating rates below last year.
That uneven picture explains why the metal could not hold its recent gains. Buyers took a cautious view of construction work.
04 The Latin American read
Peru, Bolivia and Mexico are among the world’s larger zinc suppliers. Most of their mine output goes to smelters in Asia and Europe.
Tuesday’s session shows a useful distinction for foreign investors. The metal slipped, yet the region’s listed miners rose.
Mining shares also respond to other metals, to costs and to interest rates. That gap between commodity and equity is common.
05 The names to watch
Nexa Resources remains the cleanest way to hold zinc risk in Latin America. Its mining and smelting assets sit in Brazil and Peru.
Buenaventura offers broader Peruvian metals exposure. Its zinc results are often swamped by gold and silver.
Both are sensitive to the global construction cycle. Galvanised steel goes into buildings, bridges and power lines.
06 The outlook
Direction from here hinges on galvanising operating rates. A return towards last year’s levels would signal firmer steel-coating demand.
Until then, rallies may struggle to stick. Falling exchange stocks do limit the downside for now.
07 What to watch
- Chinese construction data: China is the world’s largest zinc consumer. A rebound in property starts would lift galvanised steel orders.
- Galvanising operating rates: Surveys showing plants back at last year’s utilisation would confirm a real demand recovery.
- London warehouse stocks: Inventories fell to 114,725 tonnes on 21 September 2026. Further draws would tighten the physical market.
- Smelter treatment charges: These fees signal the balance between mine supply and refined metal demand.
Frequently Asked Questions
Why did zinc fall on Tuesday?
The London three-month contract fell 0.53% to US$3,910.35 a tonne. Softer demand from galvanising plants outweighed its recent strength.
Why did Nexa Resources rise if zinc fell?
Nexa shares rose 3.34% to US$13.29 on the New York Stock Exchange. Mining shares often diverge from the metal over a single session.
What is zinc used for?
Zinc mainly coats steel against rust. That ties its demand to construction and infrastructure.
Which Latin American countries produce zinc?
Peru, Bolivia and Mexico are the region’s main zinc producers. They ship mine output to smelters in Asia and Europe.
Market data: RT
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